SWIFT Messaging Network Remains Vulnerable To Hacking And Cyber Theft
Thankfully, nearly four in five attacks have not resulted in fraudulent transactions taking place. The year 2016 has not been overly positive for the SWIFT payment network. More than a year after the system was used to steal US%81m from the Bank of Bangladesh, security vulnerabilities are still present. Despite issuing a warning to partner banks on November 2nd, the network threat remains “very persistent” and will not go away anytime soon. In a letter issued to SWIFT partners in November, the group indicated there are still lingering vulnerabilities affecting the SWIFT messaging network.....
Related News
US Regulators are scrutinizing the Swift payment network in light of the recent heists which have taken place. That is not a complete surprise, as there is plenty of cause for concern. Things have gotten so dire; the US regulators have warned banks about more imminent threats to their cyber security. Ever since the various Swift breaches became public knowledge, there has been a lot of concern among financial regulators. Albeit the hackers used smaller banks to gain access to the Swift network, regulators feel the interbank protocol is no longer safe. Swift Is Not Adequately Protecting Its....
In recent weeks, hot topics in the banking and blockchain technology sector have been the heist of $81 million from Bangladesh's central bank facilitated by hackers manipulating the SWIFT (Society for Worldwide Interbank Financial Telecommunications) messaging platform, and the oft-repeated buzzwords "blockchain" and "distributed ledger" as the "white knight" technology duo that's going to correct all that ails SWIFT. SWIFT is a global interbank messaging service connecting 11,000 financial institutions in more than 200 countries and territories around the....
The hacking heist of $81 million from the Bangladesh central bank demonstrates the vulnerability of many banks’ existing financial security platforms that cry for blockchain-based security. Investigators at BAE Systems, a U.K.-based defense contractor, believe the attackers hacked into the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial platform that provides the heart of the global financial system, Reuters reported. SWIFT confirmed it was aware of malware attacks on its client software. Natasha Deteran, a SWIFT spokeswoman, said the cooperative will release....
A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks. Russian Developers Create SWIFT Substitute Using Blockchain Experts from the Competence Center of the National Technology Initiative at the St Petersburg State University in Russia announced they are preparing to trial a new interbank payment system, an alternative to SWIFT. The latter is now inaccessible for major....
SWIFT has confirmed another breach to its system in a statement issued to SWIFT’s customers on May 13th, 2016. The attack was executed using malware that mirrored the first hit to the network that resulted in the theft of $81 million USD being stolen from Bangladesh’s central bank. Another Bank is Breached. This time around, the attack was made on a....